US Corn Futures Hold Steady Ahead of Harvest
The trend in corn futures is currently higher according to data from DTN Progressive Farmer's Interactive Commodity Futures Chart. This upward momentum has been sustained for some time, but prices have recently plateaued ahead of the US harvest.
As of September 22nd, noncommercial corn traders held a net-long position of 535,801 contracts. This is getting close to the all-time record of 547,677 contracts set in late January 2021. However, these traders were net-sellers of 6,583 contracts during this period as prices have been stagnant.
On the other hand, commercial corn traders held a net-short position of 474,811 contracts as of September 22nd and were net-buyers of 2,034 contracts through the CFTC reporting period. The spread between the December 2026 contract and the March 2027 contract has also become more pronounced in recent weeks.